Open a personal deposit account instantly | POSB Singapore (2024)

FAQs

Can I open an account instantly? ›

Opening this account is simple and instant as long as you have a working mobile number and Aadhaar. Just complete the details required and validate yourself using your Aadhaar .

Your application will be processed within 3 working days after we receive your complete application. Once approved, you will receive your debit card within 3-5 working days then proceed with the following steps: Activate your debit card. Learn more on how to Activate New Card.

Minimum Deposit Amount and Fall Below Fees

Very often, you'll need to meet a minimum deposit requirement, which is normally between S$1,000 and S$3,000. Most banks also have a minimum in-credit balance requirement, and you'll be charged a fee if your balance falls below it.

Foreigners, including Employment Pass, Student Pass, and Long-Term Visit Pass holders, can open a bank account in Singapore, with various types of accounts available, such as savings, checking, multi-currency, and investment accounts.

Digital Savings Account - Open Digital Savings Account Instantly. YES BANK.

Opening a bank account is generally a fast process that can take anywhere from a few minutes to a few days, depending on the financial institution and the type of account.

Open your account on the digibank app, safely and quickly. All you need is Singpass, the trusted and secure digital identity for Singapore residents.

Are bank deposits guaranteed in Singapore? ›

Singapore dollar deposits that are eligible for protection under the DI Scheme include savings and current accounts, fixed deposits and monies placed under the Supplementary Retirement Scheme (SRS). All these deposits are aggregated and insured up to S$100,000 per depositor.

To become a client of private banking in Singapore, you typically need to maintain a minimum asset requirement, which usually starts from $1 million. As a private banking client, it is crucial to focus on investment diversification in order to manage and grow your wealth.

Yes, foreigners can open Singapore bank accounts. However, you'll often be asked for a proof of address from Singapore, as well as your valid pass to prove you're legally in the country. If you're still based in the US a flexible multi-currency account from a specialist provider may be a better option.

If you are a resident, your NRIC, utility bills, bank statements, and lease agreements can serve as Proof of Address. For foreign residents and expatriates, a valid passport, a letter from your employer or educational institution, or an In-Principle Approval (IPA) granted by the Ministry of Manpower can suffice.

Banks and credit unions typically accept alternative forms of ID for non-U.S. residents. For instance, if you don't have a Social Security number, you may be able to obtain an ITIN that can be used to open an account.

If you're looking to open a bank account, you can apply online, in branch or by phone.

If you're looking to open a bank account, you can do so within minutes online.

If you're referring to the actual process of applying, it can be as fast as 15 minutes or so. Approvals, however, may take anywhere from an instant to a couple days, especially at brick-and-mortar banks. Also, it can take a week or more to get physical checks and/or a debit card by snail mail.

At What Age Can You Open A Bank Account On Your Own? Generally, a child must be at least 18 years of age to open a bank account on their own, with some variability by state. However, there are several options that allow children and teens to access the banking experience before 18 with an adult cosigner or custodian.